Progress made at USS talks

Commenting after the latest meeting in the year-long series of Universities Superannuation Scheme (USS) talks between employers, represented by Universities UK (UUK), and employees by the University and College Union (UCU), aspokesperson for Universities UK said:

"Today's talks have been positive with both employers' representatives and union leaders showing a willingness to work together to address the scheme's financial challenges.

"Further talks are being arranged. In the interest of students, we have asked UCU to stop the industrial action while talks continue to find an alternative, viable and affordable solution.

"Both parties agreed to involve ACAS in facilitating further talks to bridge the significant distance between both sides."

Notes​

USS is one of the largest private pension schemes in the UK and is the principal scheme for academic and comparable staff in UK universities and other higher education and research institutions. Universities UK is representing the views of more than 350 higher education employers on USS reform proposals.

USS has a £6.1 billion deficit and a significant increase in the cost of future defined pension benefits of more than one third since 2014. A plan to reduce this must be submitted to the Pensions Regulator by 30 June.

USS is governed by a clear set of scheme rules. The JNC agreed benefit reform changes on 23 January 2018. The JNC brings together an equal number of representatives from Universities UK and the University and College Union. The JNC has an independent chair who oversees discussions between employer and member representatives, and can choose to cast a deciding vote if agreement between both parties cannot be reached.

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